Cash Scarcity Returns: POS operators find means to salvage the situation 

As Nigerians countdown to Christmas, the cash scarcity that happened earlier in the year has resurfaced and may affect the festive plans. 

The shortage of the naira has been reportedly linked by the Central Bank of Nigeria (CBN) to some individuals holding onto the currency because of difficulties faced during the naira redesign project. However, the root of the problem since the beginning of the year is the indecision of the naira redesign policy and this was confirmed by the CBN president, Yemi Cardoso. 

According to POS operators who are currently the only hope of the citizens, it is hard to get cash these days and even the ATMs only dispense as low as N5000 to a customer in a day. And, because a lot of people rely on them, they have to find cash, by all means, to keep their business moving; this also explains why the charges on different amounts have increased. 

These POS operators have reportedly revealed that they have to buy cash from traders to meet up with the demands of customers. “We are buying cash from market sellers and traders. We buy N30,000 with a charge of N300, and N50,000 with N500. Also, we get cash from deposits, but instead of charging, we sometimes do it for free or the owners charge us,” a POS operator told Business Day. 

Another operator told Business Day that she doesn't even try to stop at the bank because, in the end, it's a total waste of time. While her bank can still struggle to pay her N50,000 over the counter, she prefers to look for her cash elsewhere as N50,000 is not enough and will not meet demands. 

Vendors who allow payments via transfers or POS have made things easier as customers don't have to worry about getting cash before they can purchas the items they need. 

The public is saying that the current scarcity is not as bad as it was in March but they are scared it might get worse. 

For more news/stories like this, sign up on our website. Also, you may want to follow us on social media: 

Facebook: Hub for Jobs

Twitter: @hubforjobs

Instagram: @hubforjobs